C.Mahendra Exports Limited which had launched its IPO for 1.5 cr shares in a price band of Rs 95-110 was oversubscribed 2.78 times. This IPO had created history by opening in 2010 and closing in 2011. The issue had opened on Friday the 31st of December 2010 and closed on Thursday the 6th of January 2011. The issue was subscribed in every category.
The details of the subscription level in various categories are given below: –
| Category | Shares Offered | Shares Subscribed | Times |
| QIB | 7500000 | 7623480 | 1.02 |
| NII | 2259000 | 8819580 | 3.92 |
| Retail | 5250000 | 25295940 | 4.82 |
| Overall | 15000000 | 41739000 | 2.78 |
The retail portion was subscribed the highest at 4.82 times and has received substantially higher subscription than that of the QIB portion. In absolute terms while QIB’s bid for 76.23 lac shares, retail investors bid for 252.95 lac shares and the issue was effectively subscribed 1.68 times of the total by retail itself. This is a very high proportion and it would be interesting to see how the share performs on listing and also whether there are any withdrawals on final allotment of shares.
